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Retail sales grew at a slower pace than Wall Street had expected in December as investors keep a close eye on the pace of economic growth amid questions over how quickly the Federal Reserve will cut interest rates.
Retail sales rose 0.4% in December. Economists had expected a 0.6% rise in spending, according to Bloomberg data. Meanwhile, retail sales in November were revised up to 0.8% from a prior reading that showed a 0.7% increase in the month, according to Census Bureau data.
December sales, excluding auto and gas, rose 0.3%, below consensus estimates for a 0.4% increase. The control group in Tuesday’s release, which excludes several volatile categories and factors into the Gross Domestic Product (GDP) reading for the quarter, increased by 0.7%, above economists estimates for 0.4% sales growth.
A 4.3% rise in miscellaneous store retailers sales led the gains, while a 2% drop in building material sales led the declines. Building material sales are not included in the control group.
The report comes as investors continue to closely monitor the health of the US economy. Last Friday, the December jobs report showed the US labor market ended 2024 in a stronger position than many investors had thought, leading them to believe the Fed may not slash interest rates as quickly as initially hoped.
As of Thursday morning, investors are pricing in a less than 50% chance the Fed cuts interest rates until at least the June meeting, per the CME FedWatch Tool.
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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